A business plan is a key to the flourishing business. It helps you to organizes your ideas well and build a successful enterprise. This type of writing assignment is usually given to college or university students, who specializes in Finances, Business, and Marketing.
We hope that this guide will be also useful for those people, who want to start their own business.
Collect Data Before Writing
First of all, you need to analyze the market and understand whether it needs your goods or services. It should be a profound research as it defines if your idea is worth bringing to life or it will be a complete failure. Try to find as much information about your potential customers as possible. You need to know their occupations, incomes, and desire to buy your products.
Think about the size of your market. Choose a group of people, who is going to be your potential customers and produce goods or services, which are suitable for them. For example, you want to start a chewing gum business, then your targeted customers are mainly teenagers and young adults.
Decide upon initial needs of your company. Despite the scale of your business, you will definitely need a to-do-list in order to make it function well. For example, if you are to start your business from a scratch, you will need to find an office, employers, and equipment for them to work.
If you want to find investors for your startup, be ready to prepare well-looking samples. You will need to present them along with a business plan.
Collect information about possible offices and how much they will cost you. Think about the size of your office and how much money you will need to rent it.
Identify potential investors, and create a business plan, which can make them interested in you. Try to collect as much information about them as possible to know what thing to include into your business plan and which ones to avoid.
Business Plan: Structure and Components
- Executive Summary: this part of the business plan should go after the title page and it should tell your investors about what you want. It should be a short summary of your idea;
- Business Description: that is where you are to describe not only your idea for business, but also the market as it is now, and opportunities for the future development;
- Market Strategies: to write this section you are to analyze the market carefully, understand your potential customer and find a solution of how to encourage them to buy your goods or use your services;
- Competitive Analysis: it is important to know your market, but knowing strong and weak sides of your competitors are even more crucial. That is what you are expected to exploit in tis section. Potential investors want to get as much information as possible to know whether it is worthy to give money on your business and whether it can become a successful one;
- Design and Development: that is where you are to present the design of your product and describe how can it be improved in the future. It is good to bring a sample of the product and show it in the presentation;
- Operations and Management: this section is devoted to the future functioning of the business. You are to explain responsibilities of team members and explain why they are needed;
- Financial Factors: this information should go at the end of the business plan, as it will show how much money you need to bring your idea to life. Why? That is because it is important to make a potential investor interested in your business before he or she will see the expenses.